Mothers, Daughters, Fashion & Finance

A bebe photo shoot flashed in the background and Thriller played non-stop as mothers and daughters from around the country gathered at the Viceroy Hotel in Santa Monica this past weekend for IMI’s Fashion and Finance Retreat.

I’m no fashionista, but we’re always looking for ways to make the practice of financial fluency entertaining. Since fashion drives so much of the economy it’s a great way to give girls an alternative to the more typical experience of fashion consumer and it offers the two generations common ground to explore economic values, career possibilities, and the financial issues that get avoided or worse, create ruptures in family relationships.

In field trips outside the hotel, the girls met with a buyer at Fred Segal’s (he left a finance career post-9/11 they were told, to follow his passion) and got a briefing on the new Sensa system driving perfume sales at Sephora. They toured the Otis School of Design and had lunch at the Ivy (director Oliver Stone was on the terrace but the girls were too young to be impressed by the old guy). They met with fashion journalists, investors, and entrepreneurs. But it’s the stuff you can’t schedule that often has the most impact—and I’ll carry two memories in my head for a long time.

The first was a round table in which four fashion pros—two from the business side and two from the creative—shared their stories. An executive from Guess, told the girls that “fashion is glamorous, but most of my life is algebra and exel sheets!”  Another said, “the field is so competitive you have to bring your ‘A Game’ all the time, or you won’t make it.” They all spoke of ‘paying dues’, working hard, long hours, and the invisible physical demands of the field (late nights, unglamorous warehouses, etc.). I watched the rapt faces of the girls (and the worried faces of the moms) and finally asked, “Given how tough this field is, “Why would these girls consider any aspect of it as a profession?—Or even an investment?”

Though the panelists were in different businesses and each had different roles, they all looked at me with pity. “Because you have to work hard in all professions,” they said in various ways, “why not work in a field you love?” In theory of course, I agree. I love my work and work like a fool (according to my friends). But the reality of their industry (fickle markets, changing trends, long hours, the need for ever more advanced degrees, etc.) was sobering. So I turned to the young women present—privileged all—and asked if they felt discouraged by the stories they were hearing. “No,” was their collective response. In varying ways each felt encouraged, emboldened, full of hope that they could persevere and make it in the fashion world.

I admit; I was impressed. Many adults remember getting ‘practice’ in hard work through summer jobs. In contrast, today’s teens go to camp, enjoy cool summer programs and travel with the family. Boring summer jobs, not so much. One wonders how the next generation will handle the ‘shock’ of first jobs and the arduous nature of the workplace, regardless of industry. But those young women were hungry, ready, undaunted. It’s hard to know the impact of a single, immersive weekend experience. But I sensed they each of the girls in attendance would work out her own path—would somehow find a way to make her mark.

But it’s the second memory that trumped the 24/7 Michael Jackson sound track ripping through the hotel speakers: mothers and daughters sharing moments so powerful they are indelibly imprinted--for the mother/daughter pairs as well as those of us running the program. Let me be clear--eye rolling and mom dissing happened over the course of the weekend. But so did real conversation. A meeting with an investment advisor prompted a conversation about voice and power and intelligence. As moms encouraged their daughters to trust their instincts and not abdicate their good sense to experts who promise to ‘take care of things’, daughters listened. And as mothers shared their own stories of financial discovery and personal independence, the younger generation could hear—in the company of peers—as opposed to the intensity of the family kitchen.

I was worried the mother/daughter design might not work. So we scheduled plenty of time for the generations to be on their own. But I was wrong. Multi-generational education works. The mix was good and we’ll repeat it. Look for a Finance and Food Program a well as another Fashion and Finance Weekend.  Financial fluency is a family affair.